China to reinforce financial support for sports industry

BEIJING, April 11 (Xinhua) -- China will continue to beef up financial support for the sports industry in a bid to promote high-quality development of the sector, according to a guideline jointly issued by four government departments.

The document, jointly issued by the People's Bank of China, the General Administration of Sport and other departments, proposes 16 specific supportive measures, including increasing financial support for the construction of sports infrastructure, and the development of sports venues, ice and snow sports facilities, and outdoor sports destinations.

China will reinforce financial supply for the manufacturing of sports goods, leverage the financial sector's role in promoting sports consumption and improve financial services to empower the ice and snow economy, according to the guideline.

Efforts will also be made to forge diversified financial services for sports industry, including leveraging the financing role of bonds market and enhancing the insurance sector's coverage for the sports industry, the guideline stated.